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Electronic Funds Transfer (EFT) refers to the electronic movement of money from one bank account to another without the need for physical cash, cheques, or other paper-based payment instruments. In the context of E-Commerce, EFT is a fundamental mechanism that enables buyers, sellers, banks, payment service providers, and other financial institutions to conduct transactions quickly and securely through electronic networks. It supports online purchasing, payment of bills, fund transfers, subscription payments, refunds, and many other commercial activities. EFT operates through computerised communication networks that connect customers, banks, merchants, and payment intermediaries. When a customer makes an online purchase, the payment instruction is transmitted electronically to the relevant financial institution. The customer's account is debited and the merchant's account is credited, either directly or through an intermediary payment system. This process eliminates many limitations associated with traditional payment methods and makes electronic commerce more convenient and efficient. There are several forms of EFT used in E-Commerce. Automated Teller Machine (ATM) transactions are an important example because they allow customers to electronically transfer or withdraw funds using bank accounts. Point-of-Sale (POS) transactions electronically transfer funds when customers pay for goods or services using _________ _______ ___ _______ __________.
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